UCPB corporate life extended

MANILA, Philippines - The United Coconut Planters Bank (UCPB) has secured a regulatory approval to extend its corporate term for another 50 years until 2063.

UCPB president and chief executive officer Jeronimo U. Kilayko said the Securities and Exchange Commission (SEC) has recently approved the amendments in UCPB’s Articles of Incorporation.

Kilayko said they expect the extension of the bank’s corporate life to enable them to implement its growth path toward profitability and continuing service to valued clients.

He said, “with the renewed mandate, we can now pursue our growth plans for the future with much vigor and continue serving those who have bestowed their trust to us - our valued clients.”

“In the past, UCPB made significant strides amid the many challenges. As we face another 50 years, I am confident that we will succeed given your perseverance, hard work and commitment. We have bright prospects ahead of us. Together, let us seize this opportunity and prove once again that we are, indeed, one of the best in the industry,” he added.

The UCBP chief said, “With the extension of the bank’s corporate life now a certainty, it can sustain its growth momentum towards becoming a bigger and stronger financial institution.”

The bank is assured of continuing one of its primary mandates to improve the lives of Filipinos in the countryside who most need financial services and assistance, according to UCPB.

UCPB registered a 22 percent increase in net income to P1.64 billion in the first semester of the year, attributed mainly to double digit earnings from loan portfolio and securities trading.

The bank is targeting its net income to reach P3.6 billion this year as it continues to offer more technology-driven products and expanding loan portfolio, remittance business, fee income and branch network.

In 2011, UCPB’s unaudited net income reached P3.06 billion, up by 25 percent mainly derived from loans, checking account and savings account (CASA), treasury trading, real and other properties owned and acquired (ROPOA) disposal.

The bank has a long history of leadership after its establishment in 1963 and its becoming the first private local bank to become a universal bank and obtaining its expanded commercial banking license in 1981. 

During the first semester this year, net income of the bank improved by 22 percent compared to year-ago level, mainly attributed to the double digit earnings from loan portfolio and securities trading. 

Total loans registered 20 percent increase to P77 billion with accounts from corporate improving by 17 percent and from consumer up by 35 percent.